https://www.taxtmi.com/caselaws?id=256399 The Tribunal allowed the appeal of the assessee, setting aside the Commissioner of Income Tax (Appeals) decision. It held that the expenditure on construction of sheds on lease-hold land was revenue in nature, not capital, as it did not result in the creation of an enduring asset. The Tribunal relied on legal precedents and the interpretation of Explanation-1 to Section 32(1) of the Income Tax Act, 1961, emphasizing that the expenditure would lead to saving revenue in subsequent years. The decision was pronounced on October 27, 2014, in Chennai. en-us Mon, 27 Oct 2014 00:00:00 +0530 Mon, 23 Feb 2015 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256399 The Tribunal allowed the appeal of the assessee, setting aside the Commissioner of Income Tax (Appeals) decision. It held that the expenditure on construction of sheds on lease-hold land was revenue in nature, not capital, as it did not result in the creation of an enduring asset. The Tribunal relied on legal precedents and the interpretation of Explanation-1 to Section 32(1) of the Income Tax Act, 1961, emphasizing that the expenditure would lead to saving revenue in subsequent years. The decision was pronounced on October 27, 2014, in Chennai. Case-Laws Income Tax Mon, 27 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256399